FCA has updated its webpage on general insurance value reporting to clarify what firms are expected to report in respect of legal expenses and vehicle breakdown products. For these products, firms are not required to report data for average claims pay-out, total claims pay-out cost and the amount that the top 2% of claims payouts are above. FCA advises firms can enter 0 in the appropriate reporting cells.
Reports are due by 28 February, to the 6 months to 31 December 2021.
Separately, FCA has updated its FAQs on insurance pricing, to address who is responsible for attesting compliance with ICOBS 6B where an insurer has delegated the setting of the risk element of price. FCA confirms that in this situation both firms must attest, since the insurer has regulatory responsibility for setting prices and it cannot contract out of this.